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Europe: Electricity prices drop significantly in penultimate week of 2023

In the penultimate week of the year, European electricity markets saw notable price declines, primarily due to increased wind energy production and lower demand as temperatures recovered.

Germany’s EPEX SPOT market saw the largest decrease, with weekly average prices dropping by 71% compared to the previous week. Other EPEX SPOT markets followed suit, with the Netherlands seeing a 63% drop, Belgium 59%, and France 53%. The UK N2EX market and the Nordic Nord Pool market recorded reductions of 56% and 48%, respectively.

In Southern Europe, the price drops were less steep. Italy’s IPEX market saw a decrease of 21%, while Spain and Portugal’s MIBEL market experienced a 19% decline.

For the third week of December, the average price across the major European markets stood around €60/MWh. However, the Mediterranean countries recorded higher values, with Italy’s market reaching €120.45/MWh on average, followed by Spain and Portugal just below €100/MWh. In contrast, the Nordic market had the lowest average at €23.47/MWh.

The highest daily prices were observed on Tuesday, December 17, when Italy’s market averaged €135.72/MWh, while the Iberian market followed closely with €121.85/MWh. Peak hourly prices occurred between Monday, December 16, and Tuesday, December 17, with Italy leading at €179.18/MWh during three specific hours on Tuesday.

Looking ahead to the final week of the year, AleaSoft Energy Forecasting’s price forecasts indicate a significant price rebound in central and northern European markets due to a sharp reduction in wind energy production. Meanwhile, northern markets are expected to see a potential decrease in prices, AleaSoft reports.

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